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Stack #1968999

Principles of Accounting

TermDefinition
What is a business transaction? A financial event that changes the resources of the firm.
Describe a transaction that increases an asset and the owner's equity. An example is the initial investment of cash in a business by the owner.
What does the term “accounts payable” mean? Amounts that a company must pay to creditors in the future.
Teresa Wells purchased a computer for $3,250 on account for her business. What is the effect of this transaction Equipment is increased by $3,250 and accounts payable is increased by $3,250
John Amos began a new business by depositing $75,000 in the business bank account. He wrote two checks from the business account: $12,000 for office furniture and $4,000 for office supplies. What is his financial interest in the company? $55,000
Specialty Import Co. has no liabilities. The asset and owner's equity balances are as follows. What is the balance of “Supplies”? $29,000 increase
Asset property that a business owns
After Preparing a classified bal. sheet, what should the firms total assets and liabilities be? Cash: 10,500 Assets: Accts Rec: 35,000 Cash, Accts Rec, Allowance, Inventory, PPE=97,000 Liabilities: Allowance for Double Accts: 2,000 Taxes Pay, Salaries Pay, Accts P
posted Sales of $245,000 including $125,000 on credit. What adjusting entry should be made at year end to record the estimated expense from uncollectible accounts using the percent of net credit sales method? Debit $6,250 Uncollectible Accounts Expense, credit $6,250 to Allowance for Doubtful Accounts